Tax Time Approaches!
I have committed to getting our income tax information organized and to the accountant before Tony and I leave for a short trip to Florida on February 24th! This is a full 6 weeks ahead of when I typically have it ready – if you aren’t good at math, I normally deliver our information to our tax preparer around April 10th and hope he has time to complete it before the 15th!
Charitable Donation Valuation Guides
The New Albany Chamber of Commerce included a Charitable Donations Valuation Guide in their last newsletter. It was a good reminder that I need to calculate the value of the clothing and household items that we’ve donated over the past year. I tend to stick to a very conservative estimate to avoid instigating an audit. However, the tax benefit is valuable and well deserved so I maintain good records and take photographs as well.
For clothing and household items, I use the Salvation Army Valuation Guide. It shows a low to high range. There are lots of other sources – just google “charitable donation valuation guide”. I’ll let you know if I am successful in getting everything done by the 24th! Wish me luck!